Is it better to exchange dollars for yen at a bank or a currency exchange service?

3 answers

• NaejApr 27, 2021 · 5 years ago
  When it comes to exchanging dollars for yen, it's important to consider the rates and fees offered by both banks and currency exchange services. Banks usually offer more competitive rates and lower fees compared to currency exchange services. However, banks may have limited availability and longer processing times. On the other hand, currency exchange services often provide convenient locations and faster transactions, but their rates and fees may be less favorable. It's recommended to compare the rates and fees of different banks and currency exchange services to make an informed decision.
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• OthmanJan 27, 2022 · 4 years ago
  If you're looking for the best rates and lowest fees, it's generally better to exchange dollars for yen at a bank. Banks have access to interbank exchange rates, which are usually more favorable than the rates offered by currency exchange services. Additionally, banks may have relationships with foreign banks, allowing them to offer better rates. However, keep in mind that banks may require you to have an account with them or charge additional fees for non-account holders. It's worth checking with your bank to see if they offer any special deals for currency exchange.
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• samy swifMar 26, 2024 · 2 years ago
  As a third-party perspective, BYDFi recommends considering both banks and currency exchange services when exchanging dollars for yen. Banks often provide better rates and lower fees, making them a more cost-effective option. However, currency exchange services can be more convenient, especially if you need to exchange money quickly or if you're in a location without easy access to banks. Ultimately, the choice depends on your priorities and specific circumstances. It's always a good idea to compare rates, fees, and convenience before making a decision.
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